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Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
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Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
Bankrate.com’s CD early withdrawal penalty study looked at five of the most common maturities and liquid CDs. This chart gives you an easy way to compare CD offerings by institution, metropolitan area and maturity as of the date of the survey.
In addition, the chart states the minimum deposit required to open an account, the yield to maturity, the institution’s stated penalty for early withdrawal, the reduction in principal if the unpaid interest is less than the penalty, the grace period on automatically renewable CDs and whether the early withdrawal penalties are the same for retirement CDs.
“Risk Free CD account” — Must open online; allows you to make withdrawals every 7 days, without any penalty.
Chase Bank
No
Citibank
No
HSBC Bank USA
No
Wachovia
No
Astoria FS&LA
Yes
3-month
$5,000
0.5
7 days
Must open in branch or by phone; penalty free withdrawals can be made every 7 days; minimum withdrawal is $500; balance can not fall below $5,000; otherwise there is a penalty of 90 days of interest.
Emigrant Savings Bank
No
Hudson City Savings Bank
No
Queens County Savings Bank
No
Sovereign Bank
Yes
6-month
/36-month
$5,000
2
/2.9
N/A
“Save and Invest CD package” — 1/2 of your deposit goes into a 6-mo CD at 2%. You can withdraw the funds after 7 days with no penalty. The other half of your deposit goes into a variable 36-mo CD tied to the S&P index. High penalties if you withdraw the funds from the 36-mo (9% first year; 6% second year; 3% 3rd year).
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